My .02
I went through the same decision dilemma. For me, I wanted the power/suspension of the S but preferred the styling of the base (black gauges, single exhaust tip, black vs. silver trim pieces).
In the end, I found a low mileage garage queen base (02/Seal Gray/Black/sport pkg) at a good price and went for it.
I love the car but do wish it had more power below 3-3.5k rpms. Above that, the power is adequate. Otherwise, the car is a blast.
I can't see trading it for an S since I know I have a good one.
However, I'm thinking about moving to the Cayman (I have another convertible already). Unfortunately, I'm back to the same decision - base or S. I really can't afford the S now so I'm wondering if a base 987 Cayman will give me close to a 986 S feel. Crap - it never ends